News
Seven Directors Charged With Sh309M Insurance Fraud
Seven current and former directors of Invesco Assurance Company Limited and Compliant Insurance Agency were on Tuesday arraigned before the Chief Magistrate’s Court in Milimani over their alleged involvement in a Sh 309 million insurance fraud scheme.
The accused, Albert Karakacha Muhavani (former director, Invesco), Daniel Wekesa Nyalyanya (former CFO, Invesco), Michael Ngángá Kibara (former accountant, Invesco), Ruth Wangari Mwasalu, Antony Githinji Ngerere, Hildah Wambui Karanja, and Lameck Gisore Ongere (all directors at Compliant Insurance Agency) face multiple charges stemming from months-long investigations led by the Directorate of Criminal Investigations (DCI).
According to the DCI’s Insurance Fraud Investigation Unit, the probe began in September 2024 following a tip-off from the Insurance Regulatory Authority (IRA).
The investigation was triggered after the Policyholders Compensation Fund (PCF), which had taken over the management of Invesco Assurance under statutory management, unearthed a hidden bank account held at M Oriental Bank’s Sameer Business Park branch.
The account, registered under Compliant Insurance Agency, had been opened on May 1, 2024, and was allegedly used to divert funds.
Authorities claim that premium collections from Invesco’s 27 branches nationwide were funneled into this undisclosed account.
Between May and August 2024, investigators say the accused siphoned approximately Sh309 million into their individual Mpesa accounts.
After compiling witness statements and documentary evidence, the DCI submitted a case file to the Office of the Director of Public Prosecutions (ODPP), which approved the charges.
The seven now face charges of Insurance Fraud contrary to Section 204B(2) as read with Section 204B(5) of the Insurance Act.
Additionally, the four directors from Compliant Insurance Agency — Mwasalu, Ngerere, Karanja, and Ongere — have been charged with Stealing by Directors, in violation of Section 282 of the Penal Code.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
High Court to Set the Record Straight in Long-Running Bia Tosha Petition
Kenya’s betting tax reform and why it matters
KETRACO CEO Advert Marred By Controversies As Fears Grow That Kipkemoi Kibias Is A Predetermined Candidate
I Will Bribe Every Judge in Town- MP Jack Wamboka
KNH ON THE BRINK: How Corruption, Revenue Plunder and State Neglect Are Destroying Kenya’s Flagship Hospital
Receivers In TransCentury Sh6B KRA Tax Arrears Are Biased And Must Be Removed, COFEK Claims
The Man Behind the Badge: How Prof. Erastus Kanga Turned Kenya’s Premier Wildlife Agency into a Theatre of Corruption, Fear and Impunity
City Lawyer Conrad Maloba Arrested Over Fake Ambulance Fraud
THE FIXER IN THE FILE ROOM: How Parliamentary Health Committee Clerk Adan Gindicha Cleared Mediheal Hospital of Organ Harvesting Claims Despite Mounting Evidence
Nairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
Forged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
The Lawyer at the Centre of Kenya’s State Machine: Eric Gumbo, the AG’s Bypassed Office, and the Half-Billion-Shilling Question
Inside Details Of Sh78 Billion Fraud in KPC’s Mombasa-Nairobi Line 5 Pipeline Project That Has Continued To Bleed The Country
Sold And Abandoned: How Diageo and Asahi Are Locking Kenya’s EABL Minority Shareholders Out Of East Africa’s Biggest Corporate Heist
Poison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals
How Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
THE ZAKHEM-ECOBANK MACHINE: How Kenya’s Courts Were Weaponised to Drain a State Corporation of Over KES 78 Billion
The Teflon Company: How Gulf Energy’s Insiders Built Billions on Kenya’s Fuel, and Walked Away Clean
Kenyan Motorists Stare At Possible Engine Damage And Heavy Losses As Report Confirms Substandard Fuel In Circulation
Mombasa Lawyer Exposed In Sh600 Million Alleged Double-Dealing Diani Property Transaction
-
Business1 week agoNairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
-
Business2 weeks agoTHE FUEL CABAL: How Mohamed Jaffer, a KPC Insider, and a Ministry Official Are Alleged to Have Manufactured Kenya’s Worst Petroleum Crisis in Three Years, While Kenyans Burned
-
Investigations1 week agoEXCLUSIVE: Odibets Bought Stolen Data From Millions Of Kenyans
-
Investigations1 week agoTHE BRAZEN RETURN: Triton Thief Yagnesh Devani, Who Pillaged Kenya of Sh7.6 Billion and Fled, Now Asks the Same Courts He Escaped to Restore His Stolen Wealth
-
Investigations7 days agoTHE FIXER IN THE FILE ROOM: How Parliamentary Health Committee Clerk Adan Gindicha Cleared Mediheal Hospital of Organ Harvesting Claims Despite Mounting Evidence
-
Business2 weeks agoSugar Empire in the Dock: How Kibos’s Mombasa Refinery Landed 1,481 Phantom Tonnes at the Port — and Why Nine Government Agencies Are Now Watching Its Every Move
-
Investigations5 days agoThe Man Behind the Badge: How Prof. Erastus Kanga Turned Kenya’s Premier Wildlife Agency into a Theatre of Corruption, Fear and Impunity
-
Investigations5 days agoKNH ON THE BRINK: How Corruption, Revenue Plunder and State Neglect Are Destroying Kenya’s Flagship Hospital